KARACHI: The stock market ended down by 203 points on Friday due to lack of investors confidence.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,672 points as against 33,875 points showing a decline of 203 points.
Analysts at Arif Habib Limited said that the market remained lackluster today, following the trend seen in recent past sessions.
The source of Low volumes and lack of investor confidence in equities appears to be higher interest rate, which was further aggravated by an earlier than anticipated schedule of Monetary Policy.
As per SBP, Monetary Policy will now be announced on July 16 rather than end July, as earlier anticipated. HUBC, which have been in the limelight in past sessions remained negative amidst low volumes.
Overall, index moved in the range of +126 points and -276 points, ending the second session at -193 points (unadjusted). Cement Sector led the volumes table with 9.6 million shares, followed by Power (7.8 million). KEL ranked first in terms of volumes with 6.9M shares, followed by MLCF (4.5 million).
Sectors contributing to the performance include Cement (-40 points), Power (-28 points), O&GMCs (-27 points), E&P (-18 points), Autos (-18 points), Fertilizer (+33 points). Volumes increased by 40 percent DoD to reach 55.3 million shares as against 39.5 million. Average traded value also increased by 58 percent to reach US$ 14.3 million as against US$ 9.1 million.
Stocks that contributed significantly to the volumes include KEL, MLCF, BOP, ESBLR and TRG, which formed 35 percent of total volumes.
Stocks that contributed positively include FFC (+30 points), EFERT (+13 points), UBL (+10 points), HBL (+9 points) and MEBL (+3pt). Stocks that contributed negatively include PSO (-21 points), ENGRO (-15 points), HUBC (-15 points), POL (-12 points) and DGKC (-11 points).
